Mixed-Use Property with Two
For Sale
$1,900,000
1856 37th St, Florence, OR 97439
Corner commercial site combines an apartment, retail space, laundromat, and deli/café uses.
Property Size6,048 SF
Lot Size0.51 Acres
Price / SF$314.15
Days on Market23
Property Features for 1856 37th St
General Information
Standard status
Active
Size
6,048 SF
Lot size
0.51 Acres
Additional Details
Corner Location
Yes
Building Details
Year Built
1938
Buildings
2
Tenancy
Multi
Listing Agency:
West Coast Real Estate Service
(541) 997-7653
Listed By:
Jim Hoberg · License #880700052
Source:
Evokepropertypartners
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 9:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of West Coast Real Estate Service
Investment Insights
Based on property information with market context.
This mixed-use property includes two buildings on a 0.51-acre site comprising three tax lots. The older structure, built in 1938, has two levels with a 720-square-foot, one-bedroom, one-bath apartment upstairs and 2,128 square feet of retail space on the main floor, currently occupied by a thrift store.
Built in 1991, the second building is a single-level commercial structure totaling 3,200 square feet. Its layout includes 1,696 square feet used for a laundromat and 1,504 square feet occupied by a deli/café. The property is positioned at 1856 37th St. at the corner of Hwy 101 and 37th Street, with approximately 120 feet of Hwy 101 frontage.
Built in 1991, the second building is a single-level commercial structure totaling 3,200 square feet. Its layout includes 1,696 square feet used for a laundromat and 1,504 square feet occupied by a deli/café. The property is positioned at 1856 37th St. at the corner of Hwy 101 and 37th Street, with approximately 120 feet of Hwy 101 frontage.
Key Highlights
- 0.51‑acre mixed‑use property spanning three tax lots
- Approximately 120 feet of frontage on Hwy 101 at 37th Street
- 1938 two‑story building with a 720 sq ft apartment and 2,128 sq ft retail area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$87,084
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,741,680
$1.7M
Cap Rate 7%
$1,244,057
$1.2M
Cap Rate 9%
$967,600
$967.6K
Market Conditions
NOI Build-Up for 6,048 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$121.2K $20.04/SF
− Vacancy
−$5.1K −$0.84/SF
EGI
$116.1K $19.20/SF
− OpEx
−$29.0K −$4.80/SF
NOI
$87.1K $14.40/SF
Area
Lane County, OR
Vacancy
4.20%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,741,680
Cap Rate 7%
$1,244,057
Cap Rate 9%
$967,600
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $87,084 @ 7.0% cap · market cap 4.58%
Second Best
Retail
$1.11M
$969.2K – $1.29M
NOI $77,538 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,105 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Bi-Mart
Shops & Services
12,134 visits/mo
0.3 miles
Burger King
Dining
6,897 visits/mo
0.2 miles
Les Schwab Tire Center
Shops & Services
2,576 visits/mo
0.3 miles
SUBWAY
Dining
2,385 visits/mo
0.3 miles
U-Haul
Shops & Services
607 visits/mo
0.3 miles
Demographics for 97439, OR
15,634
Population
9,056
Households
1.7
Avg Household Size
62
Median Age
27%
College-Educated
92%
High-School Grad
168.3 sq mi
ZIP Area
93
Density / Sq Mi
$58,576
Median Household Income
$36,146
Median Earnings
$1,164
Median Rent
$364,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner commercial site combines an apartment, retail space, laundromat, and deli/café uses.
Where is this mixed-use property located?
The property is located at 1856 37th St Florence, OR.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 0.51‑acre mixed‑use property spanning three tax lots; Approximately 120 feet of frontage on Hwy 101 at 37th Street; 1938 two‑story building with a 720 sq ft apartment and 2,128 sq ft retail area
